The Indian state of Gujarat plans startup policies to support established technology startups through incubators and venture capital support.
The state government of Gujarat in India is readying itself to announce new policies to support technology startups, according to the Indian Express.
Dhananjay Dwivedi, secretary to the government (IT, Science & Technology, Services) for Gujarat, spoke about the policies at a startup summit. The government plans to support at least 2,000 startups.
Support will be provided through incubators and the facilitation of venture capital funding over the coming five years.
Startups, as defined by the policies, will need to have completed one round of venture capital funding. This is so that the government is able to identify them as “a genuine startup” according to Dwivedi.
The policies will apply to any startup that bases itself in Gujarat.
The initiatives will work alongside the startup policy brought in last year as part of the industrial policy, however technology startups will fall under the new rules.
The startup policy introduced last year was met with criticism for its focus on manufacturing. Since its introduction 18 incubators have been recognised by the state and 18 more are in the process of gaining official recognition.